Ethereum’s Shapella hardfork takes place in a few hours and looking at the on-chain activity of the largest $ETH liquid staking derivatives can help investors decide whether to unstake or keep holding.
The Ethereum network’s planned Shanghai hard fork is nearly here. Planned for April 12, this is the first major upgrade since The Merge in September 2022. The “Shapella” upgrade , includes EIP-4895 which enables validators to withdraw staked
Liquid staking derivatives aim to solve these problems by allowing staked assets to be traded on secondary markets. This means that stakers could access the value of their staked ETH before the Shanghai upgrade enables withdrawals or, in the future, while maintaining their staked position. For example, a staker could use their wrapped ETH as collateral on another platform, or cover an unexpected expense by selling their LSD on a secondary market.
Conversely, LSDs from the two top staking providers, Lido and Coinbase both trade at a discount to spot ETH. Together representing nearly LSDs perform an important function of maintaining liquidity within the Ethereum ecosystem. Currently, over 15% of allConsidering that a non-trivial amount of that ETH has been locked for years, through one of the toughest bear markets on top of that, indefinitely freezing this much capital would have a lasting and noticeable effect on the entire ecosystem.
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